The future of Pizza Express restaurant, Newark, in doubt as chain gets set for creditors meeting
Pizza Express is said to be the latest major restaurant chain to be struggling with the tough conditions on the high street.
The brand, which has a restaurant in Newark, is understood to have appointed its financial advisors for crunch talks with its creditors.
It comes amid a growing mountain of debt and on-going challenges in a competitive market.
They have already seen the likes of outlets run by Jamie Oliver and Prezzo close restaurants, with Prezzo putting a Company Voluntary Agreement (CVA) in place to help it stay afloat.
Financial advisory firm Langton Capital tweeted today (Monday): "Pizza Express reportedly about to engage in talks with creditors.
"Last seen, had £1.6m of debt per restaurant. Not sustainable."
Financial specialists Bloomberg reported Pizza Express appointed financial advisor Houlihan Lokey to prepare for talks with is creditors.